Lithuanian AI Startup, Repsense, Secures Nearly €1 Million in Funding from Existing Investors
Repsense, a promising artificial intelligence startup that made its debut just last year,
has earned the trust and backing of its existing investors. In the recent "preseed
extension" investment agreement finalized on Friday, venture capital funds Iron Wolf
Capital have already reaffirmed their commitment to the company. Coinvest Capital,
in collaboration with private angel investors, will also be joined by the newly
introduced Baltic Sandbox Ventures, collectively contributing EUR 0.8 million in
funding. Notably, in the previous year, Repsense had secured substantial backing
from Iron Wolf Capital and Coinvest Capital along with angel investors, amassing a
total of EUR 0.5 million in funding.
The startup's ambitions are nothing short of impressive. As Mykolas Katkus, co-
founder and CEO of Repsense, put it, "We have a grand vision - to create a globally
competitive platform for the analysis of public information sources. With the
emergence of large language models, we recognized the need to significantly
enhance our product. That's precisely what we've done, pioneering one of the
world's first next-generation text analysis tools." Notably, Repsense's platform is
already making waves, with businesses, media monitoring firms, and communication
agencies worldwide incorporating it into their operations.
Viktorija Trimbel, Head of Coinvest Capital, who led the negotiations, pointed out that
companies with dual-purpose technology, like Repsense, are increasingly catching
the eye of global investors. She observed, "In the past, innovations primarily
originating from the defense industry often found applications in civilian and business
domains. Now, the tables have turned, with groundbreaking discoveries by business
innovators finding utility in the realms of national security and defense. Our team of
experts and co-invested angels firmly believes that Repsense's technology stands a
strong chance of achieving success in both defense and business."
Žygimantas Susnis, Partner at Iron Wolf Capital, emphasized Repsense's appeal. He
noted that Repsense is addressing a critical need in a communications market that
has been inadequately automated. "AI-based systems are poised to revolutionize
various sectors, and communication is no exception. The growth prospects for the
company are promising," stated the fund's managing partner.
“Repsense's innovative "Adler model" enables rapid and high-quality analysis of
publicly published texts. This capability holds significant relevance for businesses,
public organizations, as well as the field of state security, where it plays a crucial role
in identifying and evaluating the impact of hostile propaganda and fake news”,
Alfredas Chmieliauskas, co-founder of Repsense and head of research and
modeling at Adler, underscored the model's significance.
Audrius Milinavičius, Partner at Baltic Sandbox Ventures, a fund specializing in deep
technology and life sciences, joined Repsense as an investor, highlighting the
potential for success when startups invest in research and engineering solutions. He
mentioned, "At Baltic Sandbox Ventures, we nurture early-stage ideas through
incubation and acceleration programs, focusing on companies developing new "deep
tech" concepts. We were impressed by the Repsense team's expertise and the
models they've developed, and we believe such solutions have a promising niche in
Darius Antanaitis, one of the business angels who invested, shared that he was
motivated to join the investment due to the potential of Repsense's product. He
stressed the importance of distinguishing between real and fabricated information in
today's data-driven world, highlighting how the Repsense model is precisely what's
needed to ensure informed decisions and actions are based on accurate information.
Repsense's core mission involves tracking and evaluating publicly available internet
information and providing services to corporations, media monitoring firms, and
communication agencies worldwide. Collaborating with Kantar, an international
market research company, Repsense has introduced an integrated communication
process evaluation dashboard. Repsense, co-founded by data scientist Alfredas
Chmieliauskas and communications specialist Mykolas Katkus, continues to chart an
exciting trajectory in the world of artificial intelligence and text analysis.
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